Are you on the hunt for the most promising penny stocks to invest in for 2023? Join the ever-expanding group of investors who are keen to leverage the booming market. With record-breaking performances by the S&P 500 and Nasdaq this year, there’s a growing interest in more adventurous investments. What does this mean for you, the savvy investor?

Understanding the Stock Market’s Peaks and Valleys

Today’s market landscape offers remarkable opportunities, particularly for those engaged in day trading. In times of heightened risk, the chance for significant stock movements and increased volatility can lead to lucrative possibilities.

The real challenge, however, is in uncovering the best penny stocks to invest in during this vibrant market phase. How can you identify the golden opportunities?

Techniques to Identify the Top Penny Stocks to Purchase Today

  • Stay on Track: Amid the chaos, keeping your focus is vital. Build a watchlist centered on clear and specific themes.
  • Examine Trends and Movements: Seek patterns like above-average volume or options flow, or businesses making waves with recent successes.
  • Match Your Trading Approach: Ensure that the selected themes align with your comfort zone in various trading styles. Whether it’s momentum trading or scalping stocks, discover what resonates with you.
  • Monitor Federal Influences on Penny Stocks: What’s driving the stock market currently? Recent FOMC meeting insights have established new directions. The June report indicated potential rate hikes, mirroring a vigorous labor market and better-than-anticipated economic figures.

Penny Stocks and Building a Balanced Portfolio

Though the market didn’t respond adversely to talks of a possible “mild recession,” it’s crucial to recognize how penny stocks integrate into your investment portfolio. As the market continues its upward trend, this guide delves into a curated selection of penny stocks that have unveiled new updates this month.

Can You Profit from Penny Stocks in 2023?

Investing in penny stocks in 2023 presents thrilling opportunities, but it demands meticulous planning and a well-thought-out strategy. By maintaining focus, aligning with your trading preferences, and staying updated with the latest market dynamics, you can uncover the top penny stocks to invest in right now. In this article, we examine a list of penny stocks to watch after recent news, exploring potential catalysts and looking ahead for significant milestones that could shape your investment success.

Profiting With Penny Stocks During a Market Crash, 3 Tips

Amneal Pharmaceuticals (NYSE: AMRX)

biotech penny stocks

Amneal develops a diverse portfolio of hundreds of generic and specialty pharmaceuticals. The penny stock has been on fire since March and reached fresh 2023 highs on Monday. The move comes after an explosive jump following earnings. It beat estimates for EPS and sales. Company management also seems optimistic on the prospects of Amneal.

“We expect many key catalysts ahead, including complex generics launches, an expanded injectables portfolio, strong biosimilars uptake, continued specialty growth, expansion across AvKARE distribution channels, and an emerging presence internationally. As one of the largest domestic pharmaceutical manufacturers, we are focused on doing our part in addressing the ongoing drug shortages in the U.S. market,” said Chirag and Chintu Patel, Co-Chief Executive Officers.

This month’s stock market news comes in the form of analyst ratings. Barclays and Truist Securities have an Overweight and Buy rating, respectively, and raised their targets on Monday. Barclays increased its $4 target to $5. Truist went from $4 to $6.

Modular Medical Inc. (NASDAQ: MODD)

Modular Medical is an insulin delivery technology company in its development stages. The last few months have seen MODD stock price hold a tight channel up until this month. The company gained some interest from the analyst community earlier this year with Oppenheimermaintaining an Outperform Rating as well as Benchmark coming in with a Speculative Buy and a $5 price target.

Why Is MODD stock up? Shares of MODD stock have been moving higher thanks to fresh news headlines. The company announced that it partnered with Phillips-Medisize to expand insulin delivery alternatives.

“This collaboration has provided Modular Medical with an accelerated development process, while simultaneously preparing for significant scalability and market launch readiness,” said Kevin Schmid, COO of Modular Medical. “Phillips-Medisize brought engineering resources, insulin delivery materials and medical manufacturing knowledge, while providing supply chain expertise, to enable Modular Medical to scale rapidly and seamlessly to meet anticipated consumer demand. The collaboration is preparing Modular Medical to quickly market its new delivery technology for insulin-requiring patients with diabetes.”

Ginkgo Bioworks (NYSE: DNA)

best penny stocks to buy Ginkgo Bioworks DNA stock

Ginkgo recently announced advancing its collaboration with Novo Nordisk on expression systems for pharmaceutical products. It also reported that Ginkgo was awarded a research contract from the Intelligence Advanced Research Projects Activity.

This is the R&D arm of the U.S. Intelligence Community for Biointelligence and Biosecurity for the Intelligence Community program. The company also reported an award of a DARPA contract to reimagine manufacturing processes for complex therapeutic proteins. This is a 4-year contract with “up to” $18 million.

Penny Stocks 101: What’s A Stop Loss & How Do I Use It?

Fast-forward a few weeks, and the penny stock broke down a bit after reporting second-quarter earnings. Ginkgo beat sales estimates, and EPS came in line with analyst expectations. DNA stock has managed to recover over the last few days. Something helping to promote momentum is the recent buying from Cathie Wood ARKK with a buy-in DNA stock this month.

FuboTV Inc. (NYSE: FUBO)

Popular sports betting and entertainment company, FuboTV has been in and out of favor with the meme stock crowd over the last few months. Shares exploded to highs of $3.87 at the beginning of the month. However, after announcing earnings, the penny stock slipped back below $2.50. Fubo beat on both EPS and sales estimates. However, Q3 revenue expectations came in below estimates, while full-year 2023 revenue guidance was raised to $1.2894B-$1.313B compared to estimates of $1.29B.

“We are encouraged with our execution in the first half of the year, including posting year-over-year double digit revenue and subscriber growth in the second quarter, while meaningfully reducing our net loss by $41 million,” said David Gandler, co-founder and CEO, Fubo. “With an improving ad sales backdrop we remain on track to achieve our 2025 positive free cash flow target. We are as excited and as confident as ever about the opportunities ahead to leverage our resources on the back of key strategic additions to our platform, including over 35 regional sports networks (RSNs) and more than 125 FAST channels, as well as the Maximum Effort Channel in partnership with Ryan Reynolds and Maximum Effort.”

This month’s FUBO stock news wasn’t directly from the company but from analysts. Needham reiterated its Buy rating on the company. It also maintains a FUBO stock forecast price of $4.


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